South Florida luxury shoppers aiming to grow taller
Foreign buyers have long been a large portion of South Florida home buyers. But this year, they are outnumbered by transplants in California and the northeastern United States, which saw the pandemic as a catalyst to leave their dense urban areas and high-tax states. The result? Record levels of single-family home inventory in South Florida, naturally leading to a fierce rivalry for larger three-bedroom condominiums.
Unfortunately for potential buyers of condominiums large enough for a family and work from home, the trend since the end of the Great Recession has been to build condominium homes smaller and not larger. According to Edgardo Defortuna, president and CEO of Fortune Real Estate Group, South Florida condo developers have focused on building small units under $ 1 million and were targeting Latin American investors to buy units to rent them out.
Oversize the order
Unsurprisingly, Defortuna plans to increase the size of condos built during the next wave of Fortune International Group projects, to better meet the growing interest in larger residences among today’s newcomers in the Sunshine State. He’s already gone so far as to combine units at 57 Ocean, a luxury condominium along legendary Millionaire’s Row in Miami Beach, to create four-bedroom “Sky Residences” on one of the top floors. Fortune International serves as the exclusive broker for 57 Ocean.
“The demand for larger units is mainly due to out-of-state buyers planning to spend more time in Miami,” said Marcelo Kingston, managing partner of Multiplan REAM, the developer of 57 Ocean. “They are looking for spacious and more comfortable residences with large outdoor spaces and direct access to nature. This is why over the past two months, the demand for our Sky residences has increased dramatically. We’re about to be sold on this coveted floor plan.
Increased demand for larger units prompted GFI Development Company to recently unveil The Villa Collection at The Ritz-Carlton Residences, Miami Beach. These independent two-story villas, with interiors and exteriors by internationally renowned Italian architect Piero Lissoni, offer a dozen distinct layouts with flexible three, four, and five bedroom choices. Extras include sprawling private decks, two-car garages, fenced yards, private infinity pools, and lush tropical foliage by the water’s edge. Ten of the 15 villas in the exclusive collection have been sold since the start of sales on February 1.
“The villas designed by Piero Lissoni offer a very unique product in the South Florida market that combines the amenities, service and five-star lifestyle of a condominium with the privacy and control of a condominium.” single-family home, ”said the vice president of GFI Development Company. Andy Ashwai. “Our buyers understand the unparalleled value of the Ritz-Carlton tradition of unmatched service and quality for homeowners in an extraordinarily quiet waterfront neighborhood. This has been essential for our commercial success.
Other examples of the big living trend include the Monaco Yacht Club & Residences in Miami Beach, which is expected to be completed this fall. Stimulating interest in this boutique, the development and marina designed by Piero Lissoni by the bay are his selection of larger residences. Among them are three- and four-bedroom homes with flowing floor plans and unobstructed views of the water and the city.
Another example of a more spacious dig can be found at Jade Signature in Sunny Isles Beach, Fla., Which in the past year has sold seven turnkey residences to high-end buyers looking for a business opportunity. a quick and easy move during a pandemic. Developer Fortune International Group recently showcased the new $ 29.5 million furnished two-story penthouse of the tower, spanning over 19,230 square feet and encompassing all 56e and part of the 57e floors.
Finally, there is The Ritz-Carlton Residences, Sunny Isles Beach, developed by Fortune International Group and Chateau Group. The oceanfront skyscraper has completed, delivered and closed its prestigious collection of four penthouses with private pools. The quartet was purchased by domestic buyers on the east coast and, in an almost unheard-of event, each was sold before the tower even opened.